Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.3.1.900
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2015
Summary of Mortgage Note Payable and Line of Credit

Our borrowings as of December 31, 2015 and 2014 are summarized below:

 

                      As of December 31, 2015     As of December 31, 2014  

Issuer

  

Type of

Issuance

   Date(s) of
Issuance 		  Initial
Commitment		   Maturity
Date(1) 		    Principal
Outstanding		     Stated
Interest
Rate(2) 		    Undrawn
Commitment		     Principal
Outstanding		     Stated
Interest
Rate(2) 		    Undrawn
Commitment		  

MetLife

   Mortgage Note Payable   5/9/2014   100,000,000     1/5/2029(3)      $ 87,470,194        3.35 %      12,529,806 (4)      66,331,998        3.61 %      33,668,002 (4) 

MetLife

   Line of Credit   5/9/2014   25,000,000     4/5/2024        100,000        2.58 %      24,900,000 (4)      4,000,000        2.75 %      21,000,000 (4) 

Farm Credit

   Mortgage Notes Payable   9/19/2014–11/2/2015   22,185,880     4/9/2031        21,456,963        3.42 %(5)      —          12,410,363        3.53 %(5)      —     

Farmer Mac

   Bonds Payable   12/11/2014   75,000,000     7/24/2019(6)        33,706,000        2.87 %      41,294,000 (7)      3,675,000        3.25 %      71,325,000 (7) 
         

 

 

      

 

 

    

 

 

      

 

 

  
          Totals:      $ 142,733,157        $ 78,723,806      $ 86,417,361        $ 125,993,002   
         

 

 

      

 

 

    

 

 

      

 

 

  

 

(1) Where applicable, represents the weighted-average maturity date.
(2) Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each December 31, 2015, and December 31, 2014.
(3) If facility not fully utilized by December 31, 2017, MetLife has the option to be relieved of its obligations to disburse the additional funds under the loan.
(4) Based on the properties that were pledged as collateral under the MetLife Facility as of each December 31, 2015, and December 31, 2014, approximately $8.9 million and $13.8 million, respectively, of the aggregate undrawn commitment under the facility was available for us to draw.
(5) Rate is before interest patronage (as described below). 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014.
(6) If facility is not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(7) At each of December 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Principal Payments of Aggregate Borrowings

Scheduled principal payments of our aggregate borrowings as of December 31, 2015, for each of the five succeeding fiscal years and thereafter are as follows:

 

          Scheduled  

Period

         Principal
Payments		  

For the fiscal years ending December 31:

    2016    $ 4,431,648   
   2017      3,697,482   
   2018      19,688,041   
   2019      7,301,188   
   2020      16,980,080   
   Thereafter      90,634,718   
     

 

 

  
      $ 142,733,157   
     

 

 

  
Farm Credit Notes Payable [Member]  
Summary of Mortgage Note Payable and Line of Credit

From time to time since September 19, 2014, we, through certain subsidiaries of our Operating Partnership, have entered into various loan agreements with Farm Credit of Central Florida, FLCA (“Farm Credit”). Loans from Farm Credit will generally have a loan-to-value ratio of 60% of the underlying agricultural real estate. Pertinent terms of each of these loans (collectively, the “Farm Credit Notes Payable”) are summarized in the table below:

 

                      As of December 31, 2015  

Date of
Issuance

   Initial
Commitment		     Maturity
Date		   Principal
Amortization		  

Interest Rate Terms(1)

   Balance
Outstanding		     Interest
Rate(1) 		 

9/19/2014

   $ 1,599,600      8/1/2034   20 years   3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%)   $ 1,519,620        3.52 % 

9/19/2014

     2,655,000      8/1/2034   20 years   3.52%, fixed through 7/31/2018; variable thereafter (1-mo LIBOR + 2.875%)     2,522,250        3.52 % 

9/29/2014

     8,259,000      8/1/2034   20 years   3.54%, fixed through 11/1/2017; variable thereafter (1-mo LIBOR + 2.875%)     7,742,813        3.54 % 

3/10/2015

     2,374,680      5/1/2020   None   3.20%, fixed throughout term     2,374,680        3.20 % 

4/9/2015

     897,600      6/1/2020   None   3.20%, fixed throughout term     897,600        3.20 % 

5/8/2015

     2,640,000      5/1/2030   None(2)   2.90%, fixed through 4/30/2018; variable thereafter (1-mo LIBOR + 3.00%)     2,640,000        2.90 % 

11/2/2015

     2,256,000      10/1/2040   25 years   3.86%, fixed through 11/30/2021; variable thereafter (1-mo LIBOR + 2.875%)     2,256,000        3.86 % 

11/2/2015

     1,504,000      10/1/2016   None   Variable (1-mo LIBOR + 3.00%)     1,504,000        3.25 % 
 

 

 

          

 

 

    

 

 

  
  $ 22,185,880            $ 21,456,963        3.42 % 
 

 

 

          

 

 

    

 

 

  

 

(1)  Rates represent the stated interest rates, before interest patronage. 2014 interest patronage received resulted in a 12.7% refund of the interest accrued on such borrowings during the year ended December 31, 2014.
(2)  Interest only through April 30, 2018. Note converts to a 20-year amortization thereafter.
Farmer Mac Bonds Payable [Member]  
Summary of Mortgage Note Payable and Line of Credit

Pertinent terms of each of the bonds issued under the Farmer Mac Facility are summarized in the table below:

 

                           As of December 31, 2015  

Date of
Issuance

    Amount      Maturity
Date		    Principal
Amortization		   

Interest Rate Terms

    Balance
Outstanding		      Interest
Rate		  

12/11/2014

    $ 3,675,000       12/11/2019    None    3.25%, fixed throughout term    $ 3,675,000         3.25 % 

1/5/2015

      10,178,000       1/6/2020    None    3.25%, fixed throughout term      10,178,000         3.25 % 

6/25/2015

      9,360,000       7/30/2018    None    2.60%, fixed throughout term      9,360,000         2.60 % 

8/20/2015

      3,301,000       8/17/2018    None    2.375%, fixed throughout term      3,301,000         2.38 % 

8/20/2015

      3,301,000       8/17/2018    None    2.375%, fixed throughout term      3,301,000         2.38 % 

12/22/2015

      3,210,000       12/22/2022    None    3.29%, fixed throughout term      3,210,000         3.29 % 

12/22/2015

      681,000       12/22/2016    2 years    Variable (1-mo LIBOR + 1.50%)      681,000         1.91 % 
  

 

 

              

 

 

     

 

 

  
   $ 33,706,000                $ 33,706,000         2.87 %